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大摩:重申美團(03690.HK)“增持”評級 目標價105港元
格隆匯 11-28 15:20

摩根士丹利發表研究報告指,美團點評(03690.HK)通過加快銷量增長,突顥其在核心業務的穩健勢頭及一致的戰略。雖然受到季節性的不利因素影響,但由於市場份額增加及營運效率提高,第三季餐飲外賣業務的經調整後EBIT利潤率仍維持正增長。

公司的到店、酒店及旅遊業務顯示出韌性,主要是得益於線上市場推廣服務及有效的投資,推動以佣金為基礎的業務增長。公司的新業務將聚焦於供給側(2B)及共享單車服務,預期在2020年此業務的經調整營運虧損按年大致維持,以確保長遠的增長。

在有具經驗的管理團隊及可靠的執行能力技持下,公司重申着重長期增長,多於短期盈利能力的目標。大摩維持其“增持”投資評級,目標價105港元。

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